Westover Capital Advisors LLC Boosts Position in AppLovin Corporation $APP

Westover Capital Advisors LLC lifted its stake in shares of AppLovin Corporation (NASDAQ:APP) by 70.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,689 shares of the company’s stock after buying an additional 1,524 shares during the quarter. Westover Capital Advisors LLC’s holdings in AppLovin were worth $1,468,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Allworth Financial LP grew its stake in shares of AppLovin by 131.7% in the 3rd quarter. Allworth Financial LP now owns 6,049 shares of the company’s stock valued at $4,347,000 after purchasing an additional 3,438 shares during the last quarter. Generate Investment Management Ltd purchased a new stake in shares of AppLovin during the fourth quarter worth approximately $2,347,000. Calamos Advisors LLC raised its stake in shares of AppLovin by 73.3% during the fourth quarter. Calamos Advisors LLC now owns 48,737 shares of the company’s stock worth $32,840,000 after purchasing an additional 20,609 shares during the last quarter. Capricorn Fund Managers Ltd acquired a new stake in shares of AppLovin during the fourth quarter worth $4,043,000. Finally, Overbrook Management Corp acquired a new position in AppLovin in the 4th quarter valued at $10,179,000. Institutional investors and hedge funds own 41.85% of the company’s stock.

AppLovin Stock Performance

NASDAQ:APP opened at $452.73 on Thursday. The company has a debt-to-equity ratio of 1.49, a current ratio of 3.24 and a quick ratio of 3.24. The firm has a market cap of $152.09 billion, a PE ratio of 38.89, a P/E/G ratio of 0.73 and a beta of 2.49. The firm has a 50 day simple moving average of $508.18 and a 200-day simple moving average of $491.61. AppLovin Corporation has a 1-year low of $343.00 and a 1-year high of $745.61.

AppLovin (NASDAQ:APP) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $3.56 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.12. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.77 billion. AppLovin had a net margin of 64.29% and a return on equity of 219.37%. AppLovin’s revenue was up 58.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.67 earnings per share. On average, equities analysts expect that AppLovin Corporation will post 15.93 EPS for the current year.

Insider Buying and Selling at AppLovin

In other AppLovin news, Director Maynard G. Webb, Jr. sold 3,076 shares of AppLovin stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $521.29, for a total transaction of $1,603,488.04. Following the sale, the director directly owned 120,444 shares in the company, valued at $62,786,252.76. The trade was a 2.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eduardo Vivas sold 163,910 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $504.06, for a total value of $82,620,474.60. Following the completion of the transaction, the director directly owned 6,785,087 shares in the company, valued at approximately $3,420,090,953.22. The trade was a 2.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 393,000 shares of company stock valued at $197,297,363. Company insiders own 13.66% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on APP shares. Benchmark reiterated a “buy” rating on shares of AppLovin in a research note on Wednesday, June 10th. Weiss Ratings upgraded AppLovin from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 8th. UBS Group decreased their price target on AppLovin from $740.00 to $716.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $660.00 price objective on shares of AppLovin in a report on Thursday, May 7th. Finally, JPMorgan Chase & Co. increased their price objective on AppLovin from $500.00 to $515.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $668.45.

AppLovin Profile

AppLovin Corporation is a Palo Alto–based mobile technology company that provides software and services to help app developers grow and monetize their businesses. The company operates a data-driven advertising and marketing platform that connects app publishers and advertisers, delivering tools for user acquisition, monetization, analytics and creative optimization. AppLovin’s technology is integrated into a broad set of mobile applications through software development kits (SDKs) and ad products designed to maximize revenue and engagement for developers.

Key components of AppLovin’s offering include an ad mediation and exchange platform that enables publishers to manage and monetize inventory across multiple demand sources, and a user-acquisition platform that helps advertisers target and scale campaigns.